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The Moneyologist: My father took out a $100,000 loan to buy my sister a vacation home

Terrence Horan/MarketWatch

Dear Moneyologist,

My sister has been going through a divorce. Her husband made very good money, but they were both financially irresponsible and racked up hundreds of thousands of dollars of debt, including owing at least $150,000 to the Internal Revenue Service in back taxes for a business. They also bought a vacation home, but had to sell it recently because of the divorce.

My sister told my parents that she and her kids were crying about having to sell the vacation home. My 85-year-old father took out a home equity loan for $100,000 to give her a down payment on a new vacation home.

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